Research methodology

When you spend or transfer money abroad, your bank usually charges you a fee. These fees are often hidden in exchange rate markups or charged automatically when you pay, which makes it hard to work out how much you’re being charged.

We have partnered with Consumer Intelligence, an independent research company leading the way in FX research, to help you guys gain a better understanding of how much you could save with Revolut.

Scope of the bespoke research study:

The study compared Revolut against the major 5 UK banks (in no particular order):

  1. Barclays
  2. HSBC
  3. NatWest
  4. Santander
  5. Royal Bank of Scotland (RBS)

The study centered on two key markets (the EU & USA) and focused on 4 key pricing areas:

  1. Sending money overseas (outgoing international transfers) - GBP/EUR & GBP/USD.
  2. Using a card overseas for both spending at POS and cash withdrawals - GBP/EUR & GBP/USD.
  3. Monthly account fees.

The study confirmed that Revolut is cheaper and more transparent than the major 5 UK banks for sending/receiving international transfers as well as for using Revolut’s ‘basic’ card overseas for both spending and cash withdrawals.

Executive Summary – useful information:

The research criteria addressed the question of whether the Revolut brand is cheaper with deeper transparency than the 5 targeted brands spending and sending money overseas. Included in the study are scenarios where a customer needs to send money abroad and use their card overseas while they are travelling overseas. The research concluded that in comparison to the 5 above mentioned current “basic” accounts included in the study, Revolut is cheaper and more transparent for customers across all categories (sending and using card overseas). Here's a closer look at some of the details and insights from the study. Below, you'll find the cost in GBP for sending and receiving international transfers as well as using card overseas for both spending and cash withdrawals using Revolut’s “Basic” card and other high street banks in the UK.

The Eurozone (GBP/EUR) (1)

Compare the cost (GBP) Revolut Standart Barclays Barclays Bank Account HSBC Current Accounts - Bank Account NatWest Everyday Bank Account Santander Basic Banking RBS Everyday Bank Account
Monthly Account Fees Free Free Free Free Free Free
Sending £1,000 overseas (2) £0 £28 £41 £33 £45 £33
Spending a £1,000 overseas (4,5) £0 £25 £25 £25 £25 £25
Withdrawal a £1,000 overseas (4,5) £14 £29 £32 £51 £42 £51

(1) This is including all the 19 Eurozone countries.

(2) All these costs/figures are based on 5-day actual transactions for sending international transfers to a one Eurozone country (GBP/EUR) and the actual costs may be higher due to any currency fluctuations or hidden markups.

(4) All these costs/figures are based on a one-time transaction (i.e. spending what's equivalent to a £1,000 in one transaction at any POS in the Eurozone, or withdrawal that's equivalent to a £1,000 in one transaction at any ATM in the Eurozone) - GBP/EUR.

(5) All these costs/figures are based on one-day actual transactions in a Eurozone country and the actual costs may be higher due to any currency fluctuations or hidden markups. Also, these figures are including all the charges and markup by banks and their partner card providers (i.e. Visa & MasterCard) Also, we can confirm that this data is valid for a 3 month period from date of data delivery and doing multiple transactions whilst overseas will almost certainly incur higher costs rather than doing one single transaction.

The USA (GBP/USD)

Compare the cost (GBP) Revolut Standart Barclays Barclays Bank Account HSBC Current Accounts - Bank Account NatWest Everyday Bank Account Santander Basic Banking RBS Everyday Bank Account
Monthly Account Fees Free Free Free Free Free Free
Spending a £1,000 overseas (4,5) £0 £24 £24 £24 £25 £24
Withdrawal a £1,000 overseas (4,5) £14 £25 £29 £44 £36 £44

(1) All these costs/figures are based on 5-day actual transactions for sending international transfers to the US (GBP/USD) and the actual costs may be higher due to any currency fluctuations or hidden markups.

(2) All these costs/figures are based on 3-day actual transactions for receiving international transfers from the US (GBP/USD) and the actual costs may be higher due to any currency fluctuations or hidden markups.

(4) All these costs/figures are based on the indicative rates provided by Visa Europe and there were no any actual transactions in the US using any Visa UK Cards and the actual costs may be higher/lower due to any currency fluctuations or hidden markups. Also, these figures include all the charges and markup by banks and their partner card providers (i.e. Visa) based on Visa's indicative rates. Whilst MasterCard calculations are based on an actual transaction in the US and may also change without any guarantee. Also, we can confirm that this data is valid for a 3 month period from the date of collection (25th October 2018) and doing multiple transactions whilst overseas will almost certainly incur higher costs rather than doing one single transaction.


Disclaimer:

This study has been commissioned by Revolut. “Hidden fees” are defined by Consumer intelligence as the margin charged by a payment provider (bank, boutique or alternative payment provider) on a cross border transaction and does not include any published fee for commercial activity but have included published fees for household’s activities. A selection of payment providers has been used in this research and is not representative of the whole market place. Outliners in the market have also been removed where found and official source data has been used wherever possible. While every effort has been made to ensure that the data quoted and used for the research and analysis behind this document is reliable, there is no guarantee that it is correct, and Consumer Intelligence Ltd can accept no liability whatsoever in respect of any errors or omissions. This report is for marketing led research and is not intended to constitute investment advice, nor to solicit dealing in securities or investments.

United Kingdom